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Anonymous, The best step at this point is to write a letter sent Return Reciept Requested to your previous lender with a copy of the settlement statement requesting that they remove the reporting error. It could have funded later than the offical late date, usually the 15th of the month. So, technically, it is not an error, but I would appeal to their goodwill and see if someone can help you. In the event you can’t get the answer you want then get to the next level by phone if possible. But by formally starting with a letter, you are documenting the issue which can help you later with a credit reporting agency.
I’d start by confirming with your title company the date the loan disbursed, and exactly how they remitted payment to your old lender. Also check to see how much they sent them…..it’s possible the loan was paid off after the end of the month, if that’s the case and you hadn’t made the payment for that month, you would have a 30 day late. If your lender received the payment by the end of the month, and if the payment was made in full, you should not have a late reporting on your credit. Note that only 30 day lates, not 15 day lates, are reported on credit reports.
I refinanced my mortgage last September with dispursements being made to my original mortgage lender prior to the final payment closing the account being late. However, I just ran my credit report and my original mortgage company is showing my last payment being 30+days late. They are refusing to correct the error even though I have shown verification that I refinanced. Does it make sense that my credit would be impacted if my new mortgage company paid the orignal mortgage off later then they had agreed to per our settlement documents?
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